Megan Jewett

CCB Meeting June 11, 2024 - 46.2 million in retail cannabis sales in ONE month New York’s cannabis industry is looking better than ever! Today’s CCB meeting featured a very positive market update showing the profitability of NY’s cannabis Industry. The month of May 2024 closed with an astonishing $46.2 million in retail cannabis sales, with weekly sales revenue reaching a record-high average of $12.5 million! This is a massive jump from the $6.7 million in retail sales made during the entire month of May 2023. With a grand total of $357.3 million in cannabis retail sales generated by 132 open and operating adult-use dispensaries, the New York market is poised for a future of continued growth. There’s no better time to start your New York cannabis business. Learn more about New York's cannabis market below! https://hubs.la/Q02Br-tY0 #NewYorkCannabis #NYC #CannabisBusiness #CannabisCulture

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Lets get it

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The Drug Enforcement Administration (DEA) has made an extraordinary decision, aligning with the top federal health agency to shift marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA). This momentous step comes after more than fifty years since cannabis was initially listed as a strictly prohibited substance, equated with heroin, devoid of any recognized medical benefits, and carrying a significant potential for abuse. The reclassification of marijuana to Schedule III, as advised by the U.S. Department of Health and Human Services (HHS), carries immense implications for state-legal cannabis businesses. Upon implementation, this move will enable cannabis companies access to federal tax deductions that were previously off-limits to them under the IRS code, section 280E. #reschedule #cannabisindustry #280e #bloommedicinals #wondergrovecannabis #msos #medicalcannabis

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One of the most annoying things about cannabis marketing on Instagram is shadowbanning. 🤦🏾‍♂️ What's even worse? Anyone tagging your account will ALSO be shadowbanned at least for a period of time. This can really put a damper on paid collaborations when the post of a creator or partner with a large following underperforms. This can be a big underlying reason for failed partnerships that could leave the creator wondering what happened and the brand soured on the marketing spend. 💡 For context - What happens when your account is shadowbanned? Effectively, your account is still "public" but is flagged which means hidden by the algorithm / not promoted to non-followers. This results in what many of us have felt like have an account that is pretty much the Walking Dead and gets 50-75% less reach than a typical post. There's ways to strategize around this but both teams have to be educated on the specifics of cannabis marketing so no one feels short changed. I spent a lot of time messing up and look forward to sharing more of these insights. My line's always open if you want to make sure you're getting the best bang for your buck on your social media, content, and marketing.

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New York marijuana regulators have officially approved rules allowing adults 21 and older to grow their own cannabis plants for personal use. The Cannabis Control Board (CCB) finalized the regulations on Tuesday, four months after giving preliminary approval and opening them to public comment. Adults can grow up to six plants, with a maximum of three mature plants at a time. Residences with multiple adults can have up to 12 plants and possess up to five pounds of marijuana from the plants. Retailers will be permitted to sell clones, seedlings, immature plants, cloned propagation material, and tissue culture to consumers. Regulations also include requirements for storing plants and managing odors to avoid disturbing neighbors. The rules will take effect once published in the state register, expected in a few weeks.

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New Jersey is the market to watch! Love this article by Benzinga Cannabis! It's thrilling to see the New Jersey cannabis industry thriving, with a 23% increase in total revenue in the last quarter of 2023, particularly in the pre-roll segment, where sales have risen by 8%. Despite regulatory hurdles and limited brand diversity, the market is seeing robust growth, with leaders like Verano holding a 21% share and Miss Grass capturing 13% with its 0.4g 5-pack minis. This is just the beginning! There are so many more brands coming into the NJ market. Benzinga's Cannabis Capital Conference will be doing a one-day summit in NJ on June 17th and I will be there! Hope to see you! Elliot Lane Patrick Lane Emily Lehmann Jeni Cohen Elana Cohen Cassie Tomaselli Lori Ferrara David Cunic Brian Dowling Philip DeMuro Chris Vaglio ⚡️Gian Lombardi Gabriella Lombardi Wilday Kate Miller Rachel Wright, CPA, MST Michael Schwamm Kevin Cassidy, CPA Greg Hill Steve Goldner LKP Impact Consulting, LLC Avicenna Leadership Group Eduardo Provencio Shaan Kapoor Tripp Murray #NewJerseyCannabis #MarketGrowth #CannabisIndustry https://lnkd.in/geHUeJWD

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Were you awarded a conditional cannabis license in Maryland earlier this year? Are you a social equity cannabis license holder? Are you an existing commercial cultivator navigating the shift from med-only to adult-use sales? Maryland is an important cannabis market to watch, but evolving regulations can present confusion for growers, producers and retailers.  Like all regulated cannabis markets, Maryland commercial cultivators need to navigate: 👉 Licensing through the Maryland Medical Cannabis Commission (for medical and adult use) 👉 Site selection and facility design compliant with local zoning law and license categories 👉 Genetics sourcing for seeds, clones and/or tissue cultures But behind that deceptively simple list are a lot of questions, like: 👉 Do you know how to complete supplemental license applications?  👉 Did you know Maryland zoning approval is determined by local municipalities, not the state?  👉 Is your processing space compliant with micro grower license limits? 👉 Is your strain selection strong enough to stand out in the wholesale market? Don’t stress if that’s a snapshot of how your brain is buzzing. We can help you successfully navigate Maryland’s cannabis business application process. Our expertise helped Green Leaf Medical Cannabis (gLeaf) achieve the highest-scoring Medical Cannabis Grower license application among 120+ applicants. Reach out today touch to learn how we can maximize your success in Maryland’s rapidly evolving cannabis market: https://lnkd.in/dEPtUbPH And read more about Maryland’s Social Equity Cannabis Cultivation Licenses on our blog: shttps://lnkd.in/dcxv3SnA #marylandcannabis #gLeaf #MD #cannabisindustry #cannabisgenetics

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What does craft mean? Here a number of artists and creatives talk about what craft means to them. How can we apply this to cannabis? For me craft is a mastery, a nuanced understanding. A thoughtful approach. Using quality materials / inputs. Hand made by someone with a strong skill set and understanding. So, for me, for cannabis; feeding salts is not craft. Hiring laborers with little to no grow experience is not craft. Using conventional methods and practices is not craft. Growing conventional varieties is not craft. A small footprint is not inherently craft. Hand trim is a good practice but that alone does not make it craft. If the business is struggling to pass testing, it is absolutely not craft. Thoughts? I think the word is already dead. But what do you think makes a cannabis business CRAFT?

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🚨 Insightful DEA Report: Illicit marijuana flowers average a THC potency of 16%. 🌿💨 This statistic underscores a significant advantage of purchasing from licensed dispensaries—quality and safety. Unlike the unregulated market, dispensaries offer products that are tested, compliant, and consistent in their THC content. This not only ensures a safer consumer experience but also supports the legal cannabis industry committed to high standards. Why risk the unknown? Choose quality, safety, and reliability every time with dispensary-bought cannabis. Let's advocate for more informed consumer choices and support regulations that emphasize these benefits. Stay informed and choose wisely. #CannabisIndustry #ConsumerSafety #DispensaryQuality #THCPotency #RegulatedCannabis

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3 Cannabis Product KPIs- most operators don't look at Whether you're a dispensary or a vertically integrated operator, understanding how customers interact with your products is crucial for making assortment decisions and monitoring loyalty. You've likely seen products hit the shelves with a bang, only for sales to fizzle out within 60 days. This often happens because the product fails to drive repeat purchases from most customers. Track these three key performance indicators (KPIs) 1. Follow-up Purchase Rate (%): How many transactions containing Product X resulted in a subsequent purchase from the same customer, regardless of the product? 2. Repeat Purchase Rate (%): How many orders containing Product X resulted in a repeat purchase of the same product? This metric is especially important for vertically integrated brands or products where you want to cultivate customer loyalty. 3. Customer Lifetime Value ($): What is the annual value of customers who bought Product X during their first visit? Where do you apply these insights? → Customer acquisition and retention campaigns →In-store product placement and merchandising → With budtenders and store managers to build selling confidence. These KPIs provide valuable insights into what products are selling, when, and to whom. While budtenders and managers may instinctively know the top-selling brands or products, these metrics unveil hidden gems or underperformers that deserve closer attention. These KPIs can help you/your teams make data-driven decisions that optimize your product mix, improve customer experiences, and ultimately drive revenue growth.

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Expectations expectations it’s all about expectations The longer section about expectations and backstage behavior Make no assumptions about prior understanding. Lay it out, stick to it, keep working towards priorities #camnabisindustry #expert 🌱🌱🌱strive to thrive🌱🌱🌱

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Holistic Approach to Revenue Operations A common error in management is compartmentalizing sales, marketing, and operational roles too rigidly: that all teams are aligned and working towards common goals. Marketing should generate leads that sales can close effectively, while operations should ensure fulfillment capabilities match sales efforts. Recognize that while sales teams are directly responsible for driving revenue, other departments like marketing and PR play crucial supportive roles that prepare the ground for sales to succeed. Each function strengthens the other, and their activities should be integrated rather than segregated

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"In response, Governor Hochul has announced reforms aiming to catalyze New York’s legal cannabis market into the equitable, robust system it was envisioned to be. The initiatives include: 🌿 Launching an Enforcement Task Force: This move targets the swift closure of illegal cannabis retail stores, aiming to clean what regulators believe to be a saturated market. 🌿 Revamping Licensing Processes: By addressing the backlog and instituting a service-level agreement to ensure the completion of future applications within 90 days, the OCM aims to streamline and expedite the licensing process. 🌿 Enhanced Communication Tools: Regulatory bulletins and public dashboards aim to enhance transparency and stakeholder engagement. 🌿 Financial Support for Licensees: Recognizing the financial strain on CAURD licensees, a $5 million grant program has been introduced to aid in offsetting initial operational costs." #hirehigher #cannabis #cannabisindustry #cannabisnews #cannabislaw #cannabiscareers

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𝐋𝐚𝐭𝐞𝐬𝐭 𝐧𝐞𝐰𝐬 𝐟𝐫𝐨𝐦 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤'𝐬 𝐋𝐞𝐠𝐢𝐬𝐥𝐚𝐭𝐢𝐯𝐞 𝐒𝐞𝐬𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐰𝐡𝐲 𝐢𝐭 𝐦𝐚𝐭𝐭𝐞𝐫𝐬 𝐭𝐨 𝐭𝐡𝐨𝐬𝐞 𝐨𝐟 𝐮𝐬 𝐢𝐧 𝐍𝐞𝐰 𝐉𝐞𝐫𝐬𝐞𝐲 𝐚𝐧𝐝 𝐏𝐞𝐧𝐧𝐬𝐲𝐥𝐯𝐚𝐧𝐢𝐚. New York's legislative changes may influence regulatory, economic, and policy shifts in New Jersey and Pennsylvania, promoting a more unified and competitive cannabis industry in the region. ❓𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐲𝐨𝐮𝐫 𝐭𝐡𝐨𝐮𝐠𝐡𝐭𝐬 𝐨𝐧 𝐭𝐡𝐢𝐬: 𝐃𝐨 𝐰𝐞 𝐚𝐝𝐯𝐨𝐜𝐚𝐭𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐦𝐞𝐝𝐢𝐜𝐚𝐥 𝐜𝐚𝐧𝐧𝐚𝐛𝐢𝐬 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐛𝐢𝐥𝐥 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐂𝐌𝐄 𝐛𝐢𝐥𝐥 𝐡𝐚𝐫𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐮𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐬𝐞𝐬𝐬𝐢𝐨𝐧 𝐭𝐨 𝐞𝐧𝐬𝐮𝐫𝐞 𝐜𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐜𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐚𝐧𝐝 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐦𝐞𝐝𝐢𝐜𝐚𝐥 𝐜𝐚𝐧𝐧𝐚𝐛𝐢𝐬 𝐩𝐚𝐭𝐢𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬.❓ Here's the recap on NY: On June 8, the NYS Legislative Session ended. Key cannabis-related initiatives included: 🔸 Enhanced enforcement powers 🔸 A new 9% wholesale tax replacing the THC Potency Tax 🔸 A reduction in the Medical Excise Tax from 7% to 3.15%. These changes aim to streamline taxation and strengthen regulatory oversight, fostering a more structured cannabis market. The session also saw the passage of several cannabis bills: Passed Both Houses: 🔸 S.9679-A/A.10398-A: Permits cannabis showcase events, promoting industry growth and consumer education. 🔸 S.1752/A.1234: Includes cannabis in the definition of crops and livestock, recognizing its agricultural value. 🔸 S.9359/A.10196: Allows electronic returns for cannabis product distributors, simplifying administrative processes. Passed Senate Only: 🔸 S.7528/A.7718: Adds a non-voting member from the Division of Service-Disabled Veterans’ Business Development to the state Cannabis Advisory Board, ensuring representation for veterans. 🔸 S.7504/A.7694: Expands membership eligibility for Adult-Use Cooperative licenses, broadening participation in the industry. 🔸 S.8683-A/A.9311-A: Clarifies employment terms for those under state supervision, facilitating workforce reintegration. 🔸 S.2566-B: Addresses medical cannabis use and reciprocity with other states, enhancing patient access. 🔸 A.7826: Similar to S.2566-B but needs amendments due to late changes in the Senate. The Governor has until 12/31/2024 to sign or veto these bills. Any unsigned bills will be reintroduced in the next legislative cycle starting in 2025. This timeline provides a critical window for advocacy and potential amendments to refine the legislation further. #HerbalRubiksCube #Cannabis #CannabisLegislation #MedicalCannabis

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The dust is starting to settle from the DEA’s announcement of their plans to reschedule marijuana…now what? Surfside breaks down what operators should be doing in preparation for the final Congressional ruling 👉 https://bit.ly/3UE2BRp #cannabis #cannabismarketing #retailmedia #retailmarketing #dispensary  #adtech #innovation #ecommerce #digitalmarketing #marijuanarescheduling

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Florida - In the Florida cannabis industry, a seismic shift is underway as the state experiences a potential transformation from medical to recreational marijuana use, with an upcoming vote in November. This isn’t just a cultural leap but a strategic move by companies like Trulieve, a titan in the market, aiming to tap into a massive emerging market. As Florida edges toward the potential legalization of recreational marijuana, Trulieve stands at the forefront, poised to reap significant benefits. Recent data reveals a concerning trend for cannabis dispensaries in Florida—the once-rapid influx of new medical marijuana customers is dwindling as outlined by the Tampa Bay Times. Florida’s pool of registered medical marijuana patients has grown by less than 14,000 people in 2024, according to a Tampa Bay Times analysis of data through early May. This slowdown poses a critical challenge for the state’s medical marijuana industry, which now hangs in the balance, awaiting the outcome of Amendment 3.

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Benzinga Cannabis takeaways: 1. Talked to a few marketing agencies as I continue to think growth at a reasonable cost is one of the most important metrics in cannabis. - One agency talked about how they could help my business achieve a 10x return without much substance or details as to how they're able to achieve such an outsized return. - Another, checked in with me personally, talked about aligning interests between our businesses and wants to explore a strategic partnership. The latter, was received much better. Wish agencies would stop flashing high level big return numbers without meaningful detail and case studies to back it up. I smell bs. 2. Majority of folks think Florida passes recreational cannabis in November. However, I now understand 5 and maybe 10MG hemp intoxicating products will still be allowed for sale in Florida even if they take a more restrictive stance on hemp. I'd love to increase exposure to Florida operators however I'm not certain the ballot will reach the 60% it needs to pass. 3. No one knows about rescheduling. Not even worth hearing opinions on it as the government continues to be a rather black box on when and how this will happen. Show me time. Enough talk. 4. Prohibition has never worked and it won't work with intoxicating hemp products. This was a lightbulb moment for me because it's true. Intoxicating hemp products are here to stay and at worst we will see some sensible regulation which would still make the market more attractive than the non-sensible regulations in the legal state markets. 5. Equity capital is still very restrictive however more companies achieving profitability and righting the ship. Some large pensions sniffing around and may make a play. Debt lenders out in force. I stay away from those financing options. 6. Some investors not even interested in new limited market states because they know all to well that markets continue to follow a pattern of explosive revenue and high margins to slower growth, oversupply, increased competition and margin compression as everyone fights for their piece of the market. Wise take. I've passed on entering new markets because the early value achieved is short lived. 7. Border town dispensaries in MI are crushing it. MI has better product, pricing and taxes than IL and dispensaries on that boarder are enjoying strong foot traffic and large basket sizes. 8. Beverages. Really showing up and all have positive feedback from their launch into the intoxicating hemp market. Larger TAM, bigger POs, better payment terms. What's not to like? 9. Really awesome people. The cannabis community, despite many bad actors, has one of the best communities and is what keeps most of us in the industry. Free the plant | People > Profits | Plant Medicine ☘

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In less than two weeks, over 100 passionate cannabis professionals will gather in D.C. for NCIA's 12th Annual Cannabis Industry Lobby Days. This pivotal event, advocating for fair treatment and equitable policies for our industry, is only made possible through the unwavering support of our sponsor businesses. These forward-thinking organizations are not just sponsors – they're champions of positive change, driving the conversation forward and shaping the future of cannabis legislation. 🌟 Gold Sponsors: National Association of Cannabis Accounting and Tax Professionals FundCanna Vertosa 🥈 Silver Sponsors: Dr. Alfred A. Kuehn Innovation Institute Frost, PLLC Nice Guys Delivery Northern Emeralds Tahoe Wellness Center The Panther Group Wykowski & Wood, LLP 🌿 Advocate Sponsors: 3C Consulting A THERAPEUTIC ALTERNATIVE BeneLeaves Carbon Chemistry Ltd. Dixon Wellness Collective DOPE CFO Certified Advisors Entourage Cannabis Etain Health Flowra ForesTree Hybrid Marketing Co. Ispire Karr Tuttle Campbell Kranewreck Enterprises MadisonJay Solutions Modesto Cannabis Collective - Dispensary Nick McCormick Sequoia Management Group Sustainable Innovations, Inc. The Liberty Company Insurance Brokers, LLC Thorburn Law Group WHITNEY ECONOMICS, LLC 🏛️Closing Reception Co-Host: American Trade Association for Cannabis and Hemp By joining forces with over 30 leading organizations sponsoring this year's Lobby Days, you'll become part of a movement that's making history. But the impact doesn't stop there. Your support and involvement not only advance your business goals but also propel our entire industry forward. Sponsorship provides a unique platform to showcase your brand to the most influential group of C-level industry leaders in the U.S., as well as policymakers and other Beltway VIPs. Join the Movement: https://lnkd.in/gnvwmwq9 So, whether you can make it to D.C. or not, we invite you to join our movement. Together, we can create a more fair and equitable future for the cannabis industry. Contact us today to discuss how sponsoring Lobby Days can advance your business goals and our entire industry. Join us in shaping the future at Lobby Days 2024! #CannabisIndustry #Advocacy #LobbyDays #SponsorshipOpportunity

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